How to battle demonetization with the use of eWallets

Demonetization is one of the massive steps ever taken by our government which has lead to big debates. While some are supporting them, others are strongly criticizing it. In either case, the common man is facing a lot of problems. The banks either have long queues or there’s not enough cash to dispense. The ATMs, which were generally seen empty in the pre-November 8 period can now be seen with the never ending queues. All this is making people spend most of the time standing outside banks and ATMs rather than doing something productive. Along with the queues, there is something which has gained a lot of traction- eWallet from various companies like Paytm, FreeCharge, Mobikwik and many more.

While there are ads all across media to encourage people use eWallets, we are here to tell you how exactly to use them. Since we cannot talk about each of them here, we have chosen the most popular and reliable eWallet in the market- Paytm.

What is Paytm?

Paytm is a mobile app which initially started with recharges and bill payments. Right from the start, it had its own wallet which was handy to accumulate all the cashbacks that the company was giving. It then added its own ecommerce store within the app and the cashbacks started to come more often. Now, Paytm moved to offline merchants wherein they would take payments using the Paytm wallet. So all you need to do is enter the registered Paytm mobile number of the seller and send money in a matter of a few seconds.

How to download the Paytm app?

Paytm app is available for free on Android, iOS and Windows smartphones. Hit the appropriate link below to get started.

Once you have downloaded the app, you need to register with Paytm to use the wallet services. Head over to Sign Up and provide your mobile number and a password. You can also sign up using Facebook and Google. Enter the OTP to complete the registration process. You are now good to go with the Paytm Wallet services.

How to use the Paytm wallet?

In order to be able to send and pay money, you need to add money to your Paytm wallet. Here are the steps on how to add money to the Paytm wallet:

Tap on ‘Add Money’ on the home screen

Enter the amount & tap on ‘Add Money’

Select your payment option- Debit/Credit/ATM Card/Net Banking

Enter the relevant details & tap on ‘Pay Now’

You’ll see a ‘Success’ message once your transaction is complete

Now, once you have added money to the wallet, you can now Send money to anyone using the registered Paytm number:

Open the Paytm App & tap on ‘Pay or Send’ option

Tap on ‘Mobile No.’

Enter the details (Type in the phone number or select from your phonebook, amount to be sent, comments if required)

Tap on ‘Send Money’

You’ll see a ‘Success’ message once your transaction is complete

The beneficiary will receive a message on his/her mobile number, showing a successful transfer

And finally, here’s how you make a hassle-free Paytm payment to a merchant:

Open the Paytm App & tap on ‘Pay or Send’ option

Scan the QR Code provided by the merchant

Enter the amount to be paid, add comments if any & tap on ‘Pay’

You’ll receive a confirmation on your registered mobile number once the transaction is complete

How to transfer money from Paytm wallet to bank account?

Let’s say you have some amount in your Paytm wallet, you do have an option to transfer it to your bank account by providing the required details. The same is done at a very nominal processing fee. Here are the steps on how to transfer money from Paytm wallet to bank account:

Open the Paytm app & Tap on ‘Passbook’ on the home screen

Tap on ‘Send Money to bank’ and then click on ‘Transfer’

Enter the amount and the required bank details to complete the transfer

With Paytm payments being accepted at both small and big vendors across the country, the importance of the eWallet is growing at a rapid pace and is making life simpler by encouraging cashless payments. Not only can you pay at offline merchants, you can also use Paytm wallet for popular apps like Uber for cab booking, IRCTC for rail booking and so on. Hit the download links above to get started. You can always reach out to us with the comments section below in case of any queries.

About the AuthorApoorav Gilotra

Apoorav is a gadget lover to the core and has a keen eye for nitty-gritties of technology. He is also passionate about tennis and an ardent Federer fan. His reviews and interpretations are apt, informative, crisp and simple enough to be understood by a 3-year old. Tried and tested!

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